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US crude oil fell more than 3% to $79 a barrel on May 1, 2024, its lowest level in seven weeks, as EIA data showed commercial stockpiles rising 7.3 million barrels to 461 million barrels on lackluster demand. WTI was down about 9% from its 2024 closing high of $86.91.
Surging US crude inventories and weak demand point to lower energy costs, which tends to soften biofuel margins and feedstock demand. The move follows the removal of the April war premium.
cnbc.comSpencer KimballMay 1, 2024After 171 past bearish report events, Crude Oil (WTI) moved a median -1.5% over 5 sessions (37% higher; middle half -4.8% to +1.9%), and -0.9% over 20.
After 129 past bearish report events, Crude Oil (Brent) moved a median -1.3% over 5 sessions (45% higher; middle half -3.9% to +2.5%), and +0.4% over 20.
After 62 past bearish report events, Natural Gas moved a median -3.0% over 5 sessions (42% higher; middle half -7.6% to +4.6%), and -0.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
The May 1 report of the EIA stockpile build of 7.3 million barrels and weak demand explains the bearish supply-demand signal, though it is WTI-focused and the EIA data came out during the May 1 session.
